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29 June 2026
Ground Rents Income Fund plc
("GRIO" or the "Company")
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2026
Ground Rents Income Fund plc announces its unaudited half year results for the six months ended 31 March 2026, which are available at the following link: https://schro.link/griohyr26, or on the Company's website www.groundrentsincomefund.com.
Judith Mackenzie, the Company's Chair, commented:
"Market conditions remain challenging. Legislative uncertainty and a continuing lack of liquidity in the residential ground rent sector show little sign of near-term resolution. The Board and Manager continue to implement the shareholder-approved strategy to manage risk and realise the Company's assets to optimise returns. The new Board, taking into account the size of the Company, has started to evaluate costs, alongside reviewing the Company's operating model and strategy."
Key points:
· Unaudited portfolio valuation of £29.5 million, a like-for-like reduction of £21.6 million, or 42.3%, over the period (30 September 2025: £56.2 million, or £51.1 million on a like-for-like basis) driven primarily by the impact of the draft Commonhold and Leasehold Reform Bill.
· Net Asset Value ('NAV') decreased to £30.6 million or 32.0 pence per share (30 September 2025: £52.2 million or 54.5 pence per share).
· Asset disposals totalling £5.0 million were completed in the first six months, and another for £1.5 million is expected to complete soon.
· Operating expenses decreased by 11.0% to £2.2 million (six months to 31 March 2025: £2.5 million), reflecting savings from change of external auditor and nonrecurring costs in the first half of last year.
· Earnings before revaluation loss were broadly break-even (six months to 31 March 2025: £0.4 million), reflecting lower income following asset disposals and associated transaction costs.
· Cash generated has resulted in a cash position net of financial liabilities of £1.8 million (30 September 2025: net debt £3.9 million).
· The Court of Appeal has granted permission to appeal the Judgement of the Judicial Review of the enfranchisement provisions in the Leasehold and Freehold Reform Act 2024. The Board is considering next steps.
· Due to negative distributable reserves, the Company remains unable to pay dividends.
This announcement contains inside information for the purposes of the UK version of the Market Abuse Regulation ('MAR') which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018; as amended. Upon publication of this announcement, the inside information is now considered to be in the public domain for the purposes of MAR.
Enquiries:
Schroder Real Estate Investment Management Limited
Chris Leek
020 7658 6000
Singer Capital Markets (Financial Adviser & Broker)
James Maxwell / Sam Butcher (Investment Banking)
Sam Greatrex (Sales)
020 7496 3000
Appleby Securities (Channel Islands) Limited (Sponsor)
Andrew Weaver / Michael Davies
01534 888 777
FTI Consulting
Richard Gotla / Oliver Parsons
0203 727 1000
JTC (UK) Limited (Company Secretary)
Ruth Wright
+44 207 409 0181
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